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China Oct trade surplus nearly doubles: customs
Wed, Nov 11, 2009
AFP

BEIJING - China's trade surplus nearly doubled in October from the previous month, official data showed Wednesday, indicating overseas demand for Chinese goods was strengthening.

The nation's trade surplus rose to 23.99 billion dollars (S$ 33.34 billion) in October, up from 12.93 billion dollars (S$24.97  billion) in September, the General Administration of Customs said in a statement on its website.

Exports fell 13.8 percent to 110.76 billion dollars (S$ 153.92 billion)  on-year in October, the data showed - the best result since exports fell by 2.8 percent in December as the global crisis began to set in.

In the first 10 months of 2009, the trade surplus stood at 159.23 billion dollars (S$ 221.27 billion) , compared with 135.5 billion dollars (S$ 188.29 billion) in the January to September period, customs authorities said.

Exports from January to October totalled 957.36 billion dollars (S$ 1330.35 billion), down 20.5 percent from the same period a year earlier, data showed.

"The exports numbers are encouraging, and suggest that stronger external demand should provide additional support to China's recovery in the months ahead," said Brian Jackson, a Hong Kong-based strategist at Royal Bank of Canada.

"This would then provide scope for Beijing to start moving to tighten policy some time early next year, including letting the currency strengthen."

 

 

 

 
 
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